ProfitBee59 V4.0 (pb4 ai) helps in drawing support and resistance (SNR) levels in orange when the bar counting arrives at +9 and in light blue when the bar counting reaches -9. Both of them can serve as support and resistance. Based on a predetermined price range of the the bars, Pb4 ai can also suggest a trading trend by showing a moving average line in green for bullish and red for bearish directions. Up/Dn arrows are provided for easier spotting of the new trends.
In trading of EURAUD daily, the following settings can be used:
Moving average 9,
Manual price range 0.0050 (50 pips),
Server-side alerts: new SNR / new arrow / hit SNR.
Entering a position should be done only in the direction of the moving average line right after the bar with Up/Dn tag has been closed.
Trend reversal often occurs near or at SNR lines.
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